The present technology relates to determining likelihood of various natural and manmade catastrophic events (e.g., tornadoes, hurricanes, floods, wild fires, earthquakes, terrorist attacks) in given geographic locations and potential amounts of risk to properties and other structures posed by such catastrophic events.
It is known that models or other computer applications may be used to assess the potential liabilities of catastrophic events. Certain companies, such as insurance companies, may find information provided by these models/applications useful in determining their potential liability (i.e., risk exposure) based on the occurrence of the event. These models/applications use, generate and store large amounts of data that need to be processed and analyzed to facilitate the determination of its potential liabilities based on the event. Additionally, catastrophic modeling software typically requires specialized training and a server installation. The existing methods are also time consuming and are unable to provide real-time assessments of risk exposure. In some instances, underwriters send insurance application information to an analyst trained in using catastrophic modeling software, which can take twenty-four to forty-eight hours to be processed, analyzed, and returned to the underwriter. As such, there is a need and desire for a better system and method for determining risk exposure of properties and other structures based on the occurrence of an event such as a catastrophic event.